In its first move into California, a unit of Naperville, IL-based Nicor Inc. gained state regulators’ approval earlier this month for a new underground storage project in the north central valley that will be linked to Pacific Gas and Electric Co.’s (PG&E) backbone transmission pipeline system. Construction is scheduled to begin in November.
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Nicor Moves Ahead with First California Storage Venture
In its first move into California and the West, a unit of Naperville, IL-based Nicor Inc. gained state regulators’ approval last Thursday for new underground storage project in the north central valley that will be linked to Pacific Gas and Electric Co.’s (PG&E) backbone transmission pipeline system. Construction is scheduled to begin in November this year.
Gas Distribution Unit Lifts Nicor Earnings
Nicor Inc’s gas distribution and other energy-related businesses saw higher operating income in the first quarter, helping the Naperville, IL-based company to net income of $60.5 million ($1.33/share) in 1Q2010, an increase of 38% compared with $43.8 million (96 cents) in 1Q2009.
Nicor Unit Pursues Independent California Storage Project
A unit of Naperville, IL-based Nicor Inc. announced Tuesday it plans to launch a nonbinding open season for a 5.5 Bcf independent underground natural gas storage facility in the central valley of Northern California, north of Sacramento. The open season started Wednesday and runs through May 30. Start-up of the project could be in 2010.
Nicor Earnings Impacted by Lawsuit Charges
Naperville, IL-based Nicor Inc. on Thursday reported its quarterly profit took a hit after it took charges to settle a class-action lawsuit. The gas distributor reported first quarter net income of $1.9.6 million (44 cents/share), down from $45.9 million ($1.04) for the same period of 2003.
Citizens Utility Board Cries Foul Regarding Nicor Gas’ Savings Sharing
Locking horns yet again with Naperville, IL-based Nicor Gas, the Citizens Utility Board (CUB) — a utility watchdog group — last week urged state regulators to scrap a controversial “alternative regulation” plan that has allowed the natural gas distributor to charge customers at least $27 million more than they would have paid under standard ratemaking rules.
Industry Briefs
With natural gas costs expected to be higher in the next fewmonths, Naperville, IL-based Nicor Gas has announced a new CustomerPayment Support Plan, which will enable its 1.9 million customerswho fall behind in their bills to spread monthly payments intosmaller amounts through the summer. If a customer receives a billin January or February and cannot make the total payment, thecustomer contacts Nicor, which will then estimate costs in futuremonths and arrange a payment plan to spread the amount in regularincrements over warmer months. Fixed monthly payments wouldcontinue until Sept. 2001. The plan joins two other programs,including the Low Income Home Energy Assistance Programadministered by the Illinois Department of Commerce and CommunityAffairs, and Sharing, an assistance program administered by theSalvation Army and funded by Nicor. For information about theprograms, call (888) 642-6748.
Nicor, Prosecutors Agree to Cleanup Order
Under the terms of an agreed court order announced Tuesday,Naperville, IL-based Nicor Inc. must identify all the homes toinspect for possible mercury contamination that occurred frommishandled gas regulators.
Briefs
Nicor Gas said yesterday it has accepted the Illinois CommerceCommission’s (ICC) order for a performance-based rate (PBR) fornatural gas costs. Currently, the Naperville, IL-based distributorspends about $900 million a year to purchase gas, but the PBRprovides the financial incentive for it to buy gas at even lowerprices. Under the PBR formula, Nicor’s actual gas costs will becompared to a targeted benchmark that’s based on competitive marketprices. The difference between the actual gas costs and thebenchmark will be shared 50/50 between Nicor Gas and its customers.The PBR plan, which will go into effect Jan. 1, will not apply totransportation customers who purchase their own supplies from thirdparties.
Nicor Gets OK For PBR Plan
Nicor Gas of Naperville, IL, received approval from the IllinoisCommerce Commission (ICC) for a performance-based rate (PBR) planfor gas costs. The company filed the original proposal with the ICCMarch 2, and, with some changes, the ICC approved the plan. NicorGas has 14 days to accept or reject the modified plan. During anine-month review process, testimony was presented by interestedparties including the ICC staff, the Citizens Utility Board and theCook County States Attorney’s office.